Large hole cutters used to cut porous materials typically are a cylindrical sleeve having triangular teeth around one end portion thereof. The problem with these cutters is that they are slow, particularly in the bottom of deeper holes. This is because the teeth ride on the cut particles above the surface to be cut. These particles cannot be removed. This problem is so severe that a large diameter hole cut through dimension lumber must be cut first from one side of the board, and then the other. Another problem with conventional large diameter hole cutters is that the center cut out portion of the hole is tightly stuck within the sleeve of the cutting tool. It must be evenly pried out of the tool. The removal of this central portion frequently requires greater effort for a longer time than the cutting of the hole. Particularly for overhead applications, there is a great need for a cutting tool which is faster, which doesn't require cutting from opposite sides, and which automatically ejects the center cut out portion of the hole.